Unplanned expenses and emergency expenditures can put a dent in your savings. In such situations, if you do not want to touch your savings, you can opt for a personal loan or a revolving credit loan. Even though both these loan options may seem similar, they offer different benefits and cater to the different needs of a person. If you need extra funds, you can check the Citibank website as it offers both these loan options. However, before selecting the right loan type, it can be helpful to know the difference between the two. The main difference between a personal loan and a revolving credit loan is that with a personal loan, you will have to repay the whole loan amount in regular monthly instalments within a fixed repayment period. However, when you apply for a revolving credit loan, you can borrow money from the standby credit line and choose to repay either the minimum balance as stated or the full outstanding balance, according to your convenience.

Citi Ready Credit is a flexible revolving credit line that lets you withdraw a loan from your credit line anytime you want. So, to pay for emergency and unplanned expenses or manage cash flow without dipping into your savings, this facility from Citibank can be beneficial to you.

Benefits of Citi Ready Credit

There are several benefits of availing Citi Ready Credit loans to meet your financial needs. Some of them are mentioned below:

• Offers convenient access to cash whenever you want
• Get a loan amount from the credit limit up to 3 times your monthly salary or HK$500,000, whichever is lower
• Credit limit is restored upon repayment
• Does not come with a fixed repayment amount or a fixed repayment period
• Option to repay the minimum balance (as stated in the statement) or the full outstanding amount
• Interest will be computed on a daily basis and charged only on the outstanding amount
• Customers are not charged a withdrawal fee
• Reapplication is not required, offering enhanced flexibility

Once approved, the Citi Ready Credit loan amount will be disbursed by Citibank into your Citi Ready Credit account. If you need the loan right away, you can ask Citibank to make it accessible to you via your designated bank account.

Final Thoughts

With Citi Ready Credit, you can bid adieu to your emergency or unplanned financial woes. This facility makes is easy to get a loan quickly, so you don’t have to apply for a personal loan or break your fixed deposits.

Citibank Hong Kong [Boilerplate]
Citibank Hong Kong offers consumers and institutions a range of financial products and services, including consumer and investment banking, credit cards, and personal loans. Citibank Hong Kong aims to deliver holistic and innovative solutions to clients and meet the increasingly complex strategies of its regional client base in the APAC in an ever-changing financial landscape.

The content reflects the view of the author of the article and does not necessarily reflect the views of Citi or its employees. Please read the products and offers on Citibank Hong Kong website for accuracy or completeness of the information presented in the article.